XRP is regaining key support and showing signs of an explosion

XRP is consolidating above the long-term horizontal support and showing bullish signs in the short-term.

Critical Support Zone

XRP has been falling since hitting an all-time high of $1.96 on April 14th. So far, it has made lows near $0.60 twice, specifically on June 22 and January 24 (green symbol). The next bounce will serve to confirm the $0.60 zone as support.

This zone previously acted as resistance since October 2018. Therefore, the retracement and subsequent reconfirmation is a very positive development.

 Source: TradingView

Tweeting a chart of XRP, trader @Crediblecrypto said that the price has reached its zone of interest as it bounced off the $0.60 horizontal support area.

The source: Twitter

XRP is consolidating within the channel

The daily chart shows that since September, XRP has been consolidating within a descending parallel channel that is widely viewed as corrective moves. Therefore, a definitive breakout across the channel would be the most likely scenario.

Additionally, the technical indicators are bullish for the daily time frame. Both the RSI and MACD are bullish, the former is above 50 while the latter is almost entering the positive territory.

Furthermore, XRP has regained the horizontal zone of $0.65.

Source: TradingView

Future movement

If there is a breakout of the channel, the closest resistance is $1.41. This is both a horizontal resistance area and retracement resistance at 0.618 Fib.

If XRP surpasses this level, it will go a long way in showing that the long-term trend is bullish and the price will eventually surge to new all-time highs.

Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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